minyaaa($74)aak … 280510


Oil off 2-week high as economic data disappoints

12:16pm EDT
NEW YORK (Reuters) – U.S. crude oil futures slipped on Friday in volatile trading, retreating after hitting a two-week high above $75 after disappointing U.S. economic data made investors more cautious on a range of riskier assets.
U.S. crude futures for July delivery at 11:52 a.m. EDT were down 3 cents at $74.52 a barrel, after earlier jumping to a $75.72 high and having slumped intraday as low as $73.86. London’s ICE Brent crude was down 5 cents at $74.61.
The expiration of U.S. June refined products futures contracts was expected to add to volatility on Friday.
U.S. consumer spending was unexpectedly flat in April, but real disposable incomes had their biggest increase in nearly a year, a Commerce Department report said.
U.S. stocks opened lower on faltering consumer spending and extended losses after the Institute for Supply Management-Chicago said its index of Midwest business activity fell in May. .N
Business activity in the U.S. Midwest grew less than expected in May as employment declined, the ISM-Chicago report said.
U.S. consumer sentiment rose slightly in May from April but stayed near levels reported since February, while the one-year inflation expectations climbed to the highest since October 2008, a Thomson Reuters/University of Michigan’s Surveys of Consumers report said.
“The Chicago PMI has knocked most markets,” said Eugen Weinberg, commodities analyst at Commerzbank in Frankfurt. “All the commodities that worry about risk have softened — oil, metals, and so have equities.”
Earlier on Friday, crude futures were up sharply as global equities rose a third consecutive day and the euro edged up against the dollar. The euro later slipped against the dollar in choppy trading on the weak economic data.
Oil prices have been extremely volatile in May. U.S. crude hit an intraday low of $64.24 on May 20 ahead of the expiry of the June futures contract, almost $23 below its peak at $87.15 on May 3, its level highest for 19 months.
This volatility has left investors cautious, though some oil traders argue the market may have found a floor.
A Reuters survey on Friday showed the Organization of the Petroleum Exporting Countries’s crude oil supply has risen in May to the highest in 17 months, suggesting this month’s slide in prices has yet to spur closer adherence to agreed output targets.
OPEC target compliance was estimated at 51 percent. OPEC’s crude oil basket price rose to $70.48 a barrel on Thursday from $68.21 on Wednesday, OPEC said.
Traders are keeping an eye on forecasts for the Atlantic hurricane season that have revived concerns of disruption to supplies in the Gulf of Mexico, where BP’s (BP.L: Quote, Profile, Research, Stock Buzz) attempt to plug a gushing oil well continued.
In its first outlook for the hurricane season that begins in June, the U.S. National Oceanic and Atmospheric Administration forecast 14 to 23 named storms, with eight to 14 turning into hurricanes, nearly matching 2005’s record of 15.
Hurricanes Katrina and Rita devastated offshore oilfields and refineries on the Gulf Coast in 2005, causing the most severe disruption to U.S. supplies from a natural disaster.
The coming Memorial Day weekend is the traditional start of the U.S. summer driving season, when motor fuel demand usually increases.
U.S. diesel demand for trucking and industry is rising, a weekly government report showed on Wednesday.
Oil demand in the U.S. climbed almost 7 percent over the past four weeks, the U.S. Energy Information Administration said, led by a 16 percent jump in demand for distillates, a category that includes diesel and heating oil.
(Additional reporting by Christopher Johnson in London and Alejandro Barbajosa in Singapore; Editing by Marguerita Choy)

Jumat, 28/05/2010 12:25 WIB
Harga Minyak Kembali Melonjak
Nurul Qomariyah – detikFinance

Foto: AFP Singapura – Harga minyak mentah dunia kembali melonjak hingga di atas level US$ 75 per barel. Penguatan yang terjadi di pasar saham membuat harga minyak kembali ke titik tertingginya dalam 2 pekan terakhir.

Pada perdagangan Jumat (28/5/2010) di pasar Singapura, kontrak utama minyak light sweet pengiriman Juli naik 86 sen menjadi US$ 75,41 per barel. Sedangkan minyak Brent naik 58 sen menjadi US$ 75,24 per barel.

Harga minyak sepanjang pekan ini sudah menguat hingga 7%. Harga minyak sempat anjlok ke titik terendahnya di US$ 67,15 per barel 3 hari sebelumnya. Seiring anjloknya pasar saham pada awal pekan, harga minyak pun anjlok hingga titik terendahnya sejak September.

“Dengan melihat siklus permintaan minyak mentah, kita kini berada pada titik awal pemulihan harga-harga. Saya merasakan kecepatan pergerakan, dan pasar akan mulai membeli minyak mentah. Titik terendah support mungkin US$ 72,” ujar Jonathan Barratt, managing director Commodity Broking Services seperti dikutip dari Reuters.

Bursa-bursa Asia hingga sesi siang ini bergerak menguat mengikuti penguatan yang terjadi di bursa Wall Street sebelumnya. Hingga sesi siang, indeks Nikkei-225 tercatat naik 165,74 poin (1,72%) ke level 9.805,46. Indeks Hang Seng juga menguat 343,25 poin (1,77%) ke level 19.774,62.

Sedangkan euro melemah karena profit taking setelah kemarin sempat menguat. Euro melemah atas dolar AS ke posisi 1,2318 dolar, dibandingkan sebelumnya di level 1,2364 dolar.

(qom/qom)

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